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Impacts of Transport Projects on Residential Property Values in China: Evidence from Two Projects in Guangzhou

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  • Li Tian

Abstract

Introducing public transport usually creates expectations of property value changes, and there have been substantial studies on the impacts of public transport on property values in developed regions. Little research, however, has been conducted in developing countries due to incomplete information, and the lack of research has limited the extent to which transit agencies can develop strategies to maximize positive property value impacts and minimize negative ones. This paper summarizes a comprehensive survey of recent research on impacts of two transport projects on residential property values in Guangzhou, China, and explores policy implications in recovering surplus land value and compensating hardship generated by transport developments. The application of a repeat‐sales model and a hedonic pricing approach has shown consistent results in estimating the effect of the Metro Line 2 on values of residential property within the walking distance of its stations. The evaluation result of the Inner Ring Road through a repeat‐sales model reveals that values of residential property directly facing the elevated road decreased dramatically.

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  • Li Tian, 2006. "Impacts of Transport Projects on Residential Property Values in China: Evidence from Two Projects in Guangzhou," Journal of Property Research, Taylor & Francis Journals, vol. 23(4), pages 347-365, October.
    • Handle: RePEc:taf:jpropr:v:23:y:2006:i:4:p:347-365
    DOI: 10.1080/09599910601095365
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    References listed on IDEAS

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    1. Olympia Bover & Pilar Velilla, 2001. "Hedonic house prices without characteristics: the case of new multiunit housing," Estudios Económicos, Banco de España, number 73.
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    1. Xu, Tao & Zhang, Ming, 2016. "Tailoring empirical research on transit access premiums for planning applications," Transport Policy, Elsevier, vol. 51(C), pages 49-60.
    2. Georgios Kavetsos, 2012. "The Impact of the London Olympics Announcement on Property Prices," Urban Studies, Urban Studies Journal Limited, vol. 49(7), pages 1453-1470, May.
    3. Xu, Tao & Zhang, Ming & Aditjandra, Paulus T., 2016. "The impact of urban rail transit on commercial property value: New evidence from Wuhan, China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 91(C), pages 223-235.
    4. Dziauddin, Mohd Faris, 2019. "Estimating land value uplift around light rail transit stations in Greater Kuala Lumpur: An empirical study based on geographically weighted regression (GWR)," Research in Transportation Economics, Elsevier, vol. 74(C), pages 10-20.
    5. Wang, Jinshuo & Samsura, D. Ary A. & van der Krabben, Erwin, 2019. "Institutional barriers to financing transit-oriented development in China: Analyzing informal land value capture strategies," Transport Policy, Elsevier, vol. 82(C), pages 1-10.
    6. Zhang, Ming & Wang, Lanlan, 2013. "The impacts of mass transit on land development in China: The case of Beijing," Research in Transportation Economics, Elsevier, vol. 40(1), pages 124-133.
    7. Maria Trojanek & Marcin Anholcer & Audrius Banaitis & Radoslaw Trojanek, 2018. "A Generalised Model of Ground Lease Pricing," Sustainability, MDPI, vol. 10(9), pages 1-21, September.
    8. Yunxi Bai & Jusheng Song & Shanshan Wu & Wei Wang & Jacqueline T. Y. Lo & S. M. Lo, 2020. "Comparing the Impacts of Location Attributes on Residents’ Preferences and Residential Values in Compact Cities: A Case Study of Hong Kong," Sustainability, MDPI, vol. 12(12), pages 1-23, June.

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